The FBI identified North Korean threat actors, known as TraderTraitor, as responsible for the recent Bybit hack, in which $1.5 billion worth of cryptocurrency was stolen. This group is known for targeting the Web3 sector and has also been implicated in other significant thefts, including a previous $308 million heist. To combat the ongoing threat, Bybit has launched a bounty program to recover stolen funds, while emphasizing the necessity for collaboration from involved parties to trace and potentially freeze misappropriated assets.
The stolen funds have been transferred to untraceable or freezeable destinations, such as exchanges, mixers, or bridges, or converted into stablecoins that can be frozen.
TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains.
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